Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just need the specific identification please!!! Units Sold at Retail Units Acquired at Cost 680 units @ $45.00 per unit 560 units @ $42.00

image text in transcribedimage text in transcribed

I just need the specific identification please!!!

Units Sold at Retail Units Acquired at Cost 680 units @ $45.00 per unit 560 units @ $42.00 per unit 280 units @ $27.00 per unit Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals 1,120 units @ $75.00 per unit 180 units 580 units @ $50.00 per unit @ $46.00 per unit @ $75.00 per unit 760 units 1,880 units 2,280 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. $ 97.360 Cost of goods available for sale Number of units available for sale 2,280 units 2. Compute the number of units in ending inventory. Ending inventory 400 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (6) LIFO, (C) weighted average, and (c) specific identification. For specific identification, units sold consist of 680 units from beginning inventory, 380 from the February 10 purchase, 280 from the March 13 purchase, 130 from the August 21 purchase, and 410 from the September 5 purchase. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) Ending Inventory $ 18,400 $ 18,000 (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification $ 17,080 4. Compute gross profit earned by the company for each of the four costing methods. (Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount.) FIFO LIFO Average $ Sales Less: Cost of goods sold Gross profit 141,000 $ 78,960 62,040 $ Weighted Specific Identification 141,000 $ 141,000 $ 141,000 79,360 80,280 61,640 $ 60,720 $ 141,000 $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Dyslexia A Practitioners Handbook

Authors: Gavin Reid

5th Edition

1118980107, 9781118980101

More Books

Students also viewed these Accounting questions

Question

How does contract law differ from tort law?

Answered: 1 week ago

Question

4.1 Explain multiple uses of job analysis in HR decisions.

Answered: 1 week ago